Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

Who's grilling the big four bank bosses?

The committee is chaired by government backbencher David Coleman, who happens to be the member for Banks, with Labor frontbencher Matt Thistlethwaite as deputy.

There are six members from the government, three from Labor and Adam Bandt for the Greens.

It's expected to undertake an at least annual inquiry and report to parliament on the performance of the banking system and how big banks balance needs of borrowers, savers, shareholders and community.